Grab joins hands with StraitsX to enable stablecoin retail payments across Asia

Korean Pharma and Running App Employ NFTs to Promote Fatigue ReliefDaewoong Pharmaceutical recently announced its collaboration with D-Run, an NFT-based running app, to employ non-fungible tokens (NFTs) in marketing a fatigue relief product to millennials and Generation Z.©Pexels/Anna ShvetsUnique NFT IllustrationsFor the project, two unique NFT illustrations have been designed, showcasing a brown bear and a red heart with arms and legs. The bear, named Uri, represents Daewoong’s fatigue relief product UR-Shot, and the heart serves as D-Run’s mascot DZ. In one NFT edition, Uri and DZ are depicted running across a bridge, while the other shows them lying down on a grassy lawn under a tree.Each edition will have 100 NFTs available for purchase on Klip Drops, an NFT marketplace operated by Kakao’s blockchain subsidiary Ground X, from April 26 to May 9. NFT buyers will receive 20 tablets of UR-Shot and D-Run merchandise.Millennial and Gen Z runnersDaewoong’s partnership with D-Run, a platform operated by online media outlet dongA.com, a subsidiary of the nation’s leading newspaper Donga Ilbo, aims to connect with the digital-savvy millennial and Gen Z runners. This collaboration promotes UR-Shot as a healthy energy booster. In November last year, Daewoong introduced NFTs featuring Uri to attract millennials and Gen Z consumers.NFTs as marketing strategyNFTs are tokens that utilize blockchain technology to prove ownership of virtual assets. Due to their scarcity and irreplaceability, NFTs have recently become increasingly influential in the digital art sphere such as paintings and videos. In particular, young consumers often use NFTs as a tool to have fun and express themselves.Park Eun-kyung, the head of the consumer healthcare marketing team at Daewoong, said that this NFT collaboration to reach out to young consumers is the first marketing initiative of its kind in the pharmaceutical industry. Daewoong will continue to keep an eye on the consumption culture of younger generations and conduct various digital marketing programs to alleviate customers’ daily fatigue, she added

Regulatory crackdown as Hong Kong authorities act against crypto entitiesIn a recent move, the Securities and Futures Commission (SFC) of Hong Kong has issued a public warning against suspected virtual asset-related frauds involving HongKongDAO and BitCuped, marking a significant crackdown on deceptive practices in the crypto space.The action taken by the SFC in conjunction with the Hong Kong Police Force was outlined in a notice published on Wednesday. The notice stated:“The SFC suspects HongKongDAO may be disseminating false and misleading information about itself and its business through online channels.”In relation to BitCuped, it stated: “The SFC notes that BitCuped claims on its website that ‘Laura Cha’ and ‘Nicolas Aguzin’ serve as its Chairman and Chief Executive Officer respectively, when in fact none of them has any affiliations with BitCuped.”Photo by Teodor Kuduschiev on UnsplashHongKongDAO’s alleged misinformationOperating under the name “Hong Kong Digital Research Institute,” HongKongDAO has faced accusations of disseminating false and misleading information. The SFC expressed concerns about the claims made by HongKongDAO, including assertions of licensing by the SFC, engagement in regulated activities since July 2020, and bids for a “Hong Kong Digital Currency Exchange Licence” related to the government’s stablecoins framework.The SFC contends that these claims are unfounded and could potentially mislead the public into believing that HongKongDAO’s services are officially sanctioned and legitimate.HongKongDAO seems to manage at least two Telegram groups, one in Chinese with over 10,000 members and the other in English with over 1,700 members. Within these groups, there appears to be a promotion of the purported “market” price and future market value of the HKD token, enticing investors to make purchases.Allegations of BitCuped false affiliationsSimultaneously, BitCuped has been accused of making fraudulent claims to enhance the credibility of its operations. The company falsely asserted affiliations with prominent figures Laura Cha and Nicolas Aguzin, claiming them as its chairman and CEO, respectively. However, the SFC has refuted these affiliations. Laura Cha is the Chairman of Hong Kong Exchanges and Clearing Limited (HKEX), while Nicolas Aguzin is the Executive Director and CEO of HKEX.Taking proactive measures, the SFC has requested the Hong Kong Police Force to block access to the websites of both HongKongDAO and BitCuped. Cease and desist letters have also been issued to the operators of these websites, demanding the cessation of the sale of HKD Tokens offered by HongKongDAO.Series of crypto scamsFollowing the JPEX fraud allegations in September, Hong Kong faced another cryptocurrency exchange scandal involving Hounax in November. With at least 145 police reports filed and a sum of over HK$148 million ($19 million) involved, affected investors expressed frustration at what they deemed a slow response from regulatory bodies.These incidents have reignited discussions about the need for more robust cryptocurrency regulations in Hong Kong. The city’s aspiration to become a global hub for crypto innovation and adoption faces challenges due to a lack of clear and consistent regulation, leaving investors vulnerable to fraud and manipulation.In light of these developments, the SFC emphasized the importance of public caution regarding investment opportunities that seem too good to be true. The regulator urged vigilance against social media and instant messaging platforms where individuals, not investment professionals, might lure unsuspecting investors.

South Korea’s neobank Kbank has partnered with BPMG, a domestic Web3 developer, to pursue stablecoin initiatives abroad, the Electronic Times reported. The companies are preparing proof-of-concept (POC) trials with firms in Thailand and Dubai as part of a broader push to participate in global financial infrastructure. Following a recent agreement with Kbank, BPMG has begun collaborating with a Thai company on a stablecoin project and is working with an investor in the United Arab Emirates (UAE) on the issuance and operation of stablecoins. Kbank plans to leverage BPMG’s blockchain technology to develop stablecoin business models for remittances, currency exchange and payments, and to support the build-out of related systems. The bank is focusing first on Asia and the Middle East.Photo by Shubham Dhage on UnsplashReducing intermediaries and automating regulatory complianceAnother priority is cutting intermediaries in cross-border transfers to speed up remittances and reduce costs via distributed ledger technology. Drawing on BPMG’s patents in AI and blockchain, Kbank is also developing a tool to automate regulatory analysis across jurisdictions so it can tailor services to local rules. As digital transformation accelerates, stablecoins are gaining traction as a payment method for their low volatility and ability to enable real-time cross-border transactions. In April, Kbank joined the Pax Project, a stablecoin initiative backed by Japan’s three major banks—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho. Through the project, Kbank is participating in trials for real-time transfers and settlement between South Korea and Japan. The bank has also formed a digital asset task force to advance the commercialization of stablecoin solutions. A Kbank official said combining blockchain with finance can deliver faster, more efficient global services and that the BPMG partnership is expected to demonstrate the practical utility of stablecoins, paving the way for integration into both domestic and international offerings. IPO timing hinges on Upbit renewalThe stablecoin push comes as Kbank is widely expected to submit a preliminary initial public offering (IPO) filing as early as this month, with a listing anticipated in October. A key variable, according to market watchers, is whether Kbank renews its contract with Upbit, South Korea’s largest cryptocurrency exchange, to provide real-name bank accounts—a regulatory requirement for fiat-to-crypto platforms. Kbank has been Upbit’s banking partner for five years, and deposits from the exchange account for roughly 20% of the bank’s total. Kbank is also seeing rising corporate activity around digital assets. As of Aug. 18, the bank had more than 100 corporate accounts dedicated to crypto trading—over double the 49 recorded at the end of last year—momentum widely attributed to its partnership with Upbit. Since launching corporate-focused services in late 2023, Kbank has provided real-name accounts to entities including government bodies, non-profits, and local municipalities. The uptick follows the financial regulator’s earlier decision to allow non-profits and trading platforms to sell crypto holdings, with implementation beginning in June.